Unilever Plans To Put Climate Transition Plans Before Shareholder Vote

(RTTNews) - Consumer goods giant Unilever plc. (UN, ULVR.L, UL) Monday said its Board intends to put its climate transition action plan before shareholders and seek a non-binding advisory vote on its emissions reduction targets and the plans to achieve them.

Under the plans, the company seeks to reduce emissions within its operations, through its value chain.

According to the firm, the economy-wide shift to net zero emissions will require a greater and deeper level of engagement between companies and their investors about their climate transition plans.

Unilever's science-based targets include Zero emissions from its own operations by 2030; and a 50% reduction in the average footprint of its products by 2030.

The company also announced a new net zero target, expecting net zero emissions from sourcing to point of sale, by 2039.

In addition, to achieve its net zero by 2039 target, Unilever will require high quality carbon removal credits to balance any residual emissions from sourcing to point of sale.

"Achieving these targets will require a range of measures including decarbonising the raw materials it sources, completing the transition of its operations to 100% renewable energy, advocating for the accelerated decarbonisation of the global energy grid, eliminating deforestation from its supply chain, and innovation and product reformulation through compaction and concentration," the company said.

Unilever will share its climate transition action plan in Q1 2021, ahead of its AGM on May 5.